2nd Quarter 2017
2nd Quarter 2017
Berkshire County MA - Nestled in the beautiful hills of western Massachusetts – Where art and nature come to play
This report was written by Sandra J. Carroll, Chief Executive Officer. Information believed to be accurate, but is not warranted. Data and statistics pulled from the REALTOR’S® MLS database of properties listed for sale and sold through the services of a real estate firm holding membership. Statistics account for REALTOR® assisted sales and transfers in Berkshire County, Massachusetts. Berkshire REALTOR Members are encouraged to share this information with clients and customers to promote awareness of market trends and foster informed decisions. © Berkshire County Board of REALTORS Multiple Listing Service, Inc. (MLS) Phone: (413) 442-8049 | 99 West St, Suite 200, Pittsfield, MA 01201 | AtHomeInTheBerkshires.com | BerkshireRealtors.net
Strongest Residential Markets YTD
West Stockbridge, Hancock, Sheffield, Otis, Lenox, Cheshire, Lanesboro, Lee, Adams, Pittsfield and Tyringham
2017 2 Quarter Market Watch January – June Sales Comparison nd
Year to date sales reflect positive market momentum. The dollar volume of real estate sales is up 4% and the number of transactions sold is up 8%. The number of residential homes, multi-family homes, land parcels, condos and commercial properties sold in the first quarter rose compared to sales last year. The first quarter of 2017 was very robust, so the continued momentum despite low inventory is a very positive market trend.
HISTORICAL BERKSHIRE COUNTY 2nd QUARTER SALES: # of ALL TRANSACTIONS 900 800 700 600 500 400 300 200 100 0
546
488
566
628
The areas of the largest growth over the first two quarters of the previous year were in condo and multifamily markets. The Central and Northern Berkshire land markets had a double digit jump in both dollar volume transacted and the number of sales. Commercial sales in Northern and Central Berkshire were strong and offset the decrease noted in southern Berkshire’s commercial market.
616
All Sales 1st
&
2nd
2016 Qtrs
779
719
666
2017
North
$ Sold $20,856,596
# Sold 146
$ Sold $21,247,564
# Sold 156
Central
$57,980,891
313
$61,979,425
337
South
$94,409,942
260
$96,148,437
286
Grand Total
$173,247,429
719
$179,375,426
779
Northern Berkshire had 101 home sales, down from 103. Central Berkshire had 251 home sales, up from 248 Southern Berkshire had 225 homes sales, up from 204.
Historical comparison for all property types
1st & 2nd Qtrs Residential
2011 $99,518,466
2012 $100,841,347
2013 $116,047,211
2014 $133,366,024
2015 $125,275,205
2016 $145,682,313
2017 $146,614,935
Multi-Family
$4,253,229
$4,853,600
$6,506,550
$6,395,350
$6,065,100
$5,085,710
$7,536,969
Lots/Land
$4,711,500
$2,729,900
$8,643,000
$3,674,800
$4,413,975
$5,894,950
$5,330,500
Condominium
$6,142,000
$7,497,975
$9,101,800
$8,643,300
$10,427,450
$9,352,300
$12,867,223
Commercial
$6,582,500
$4,377,743
$6,442,000
$4,166,688
$5,105,900
$6,719,250
$6,566,400
Grand Total
$121,207,695
$120,300,565
$146,740,561
$156,246,162
$151,287,630
$172,734,523
$178,916,027
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 1
Hot Berkshire Residential Markets: YTD 2nd Quarter 2017 Northern Berkshire Adams Clarksburg Florida North Adams Savoy Williamstown Central Berkshire Cheshire Dalton Hancock Hinsdale Lanesboro Peru Pittsfield Richmond Washington Windsor South Berkshire Alford Becket Egremont Great Barrington Lee Lenox Monterey Mt Washington New Marlborough Otis Sandisfield Sheffield Stockbridge Tyringham West Stockbridge Grand Total
1st Qrt 2016 $ Sold # Sold $17,300,547 103 $3,698,204 25 $1,996,900 15 $215,000 1 $4,716,001 42 $476,000 2 $6,198,442 18 $49,541,124 248 $1,347,000 7 $6,473,700 33 $534,000 2 $2,263,800 10 $2,183,800 13 $474,000 2 $29,518,574 160 $4,728,900 12 $694,450 3 $1,322,900 6 $78,840,642 204 $2,972,000 4 $6,407,509 25 $6,230,404 15 $14,546,425 39 $4,108,800 18 $7,100,750 17 $5,544,500 10 $1,162,500 3 $3,589,400 12 $2,998,000 9 $3,730,500 9 $5,457,654 17 $12,134,200 18 $545,000 2 $2,313,000 6 $145,682,313 555
1st Qtr 2017 $ Sold # Sold $15,154,265 101 $4,583,050 31 $671,000 5 $120,000 1 $4,295,400 42 $287,000 2 $5,197,815 20 $48,102,402 251 $2,383,400 11 $5,485,200 28 $1,569,600 5 $1,405,633 7 $3,449,800 16 $157,000 1 $29,921,769 171 $3,216,000 10 No sales 0 $514,000 2 $83,358,268 225 $1,130,000 2 $6,030,400 25 $6,230,000 13 $12,540,100 30 $6,240,700 23 $12,698,500 30 $4,288,618 9 $115,000 1 $2,987,650 10 $3,836,400 17 $1,804,000 7 $11,580,500 32 $4,907,900 11 $2,399,000 2 $6,569,500 13 $146,614,935 577
Most Improved • • • • • • • • • • •
West Stockbridge Hancock Sheffield Otis Lenox Cheshire Lanesboro Lee Adams Pittsfield Tyringham
Inventory •
• •
•
Inventory is down 20% from the same time last year. Residential inventory is down13% There were 2062 single family homes on the market for the first half of 2017, compared to 2379 last year. In some price ranges, inventory is as low as 4 months. In the higher end price range in southern Berkshire, inventory can reach 14 years.
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 2
RESIDENTIAL PRICE RANGE REPORT
Absorption is the number of months it would take to exhaust all current inventory based on the sales rate in the first quarter. Inventory levels continue to drop from last year at the same time. Some price ranges in central Berkshire only have 4 months of inventory to satisfy buyer demand. Anything below 7 months of inventory traditionally shifts to a sellerfavored market. Markets with less than 4 months of inventory are considered in critical inventory deficit.
1st & 2nd Quarter
Price Class
Pending
Months of Absorption
Sold YTD
Active
Pending
Months of Absorption
Sold YTD
Active
Pending
Months of Absorption
South
Active
Central
Sold YTD
North
$0-$99K
30
24
9
5
31
21
13
4
15
12
3
5
$100K -$149K
30
26
17
5
65
44
32
4
10
18
3
11
$150K -$199K
18
22
7
7
70
43
31
4
24
26
12
7
$200K -$249K
11
13
5
7
31
33
22
6
25
44
7
11
$250K -$299K
5
13
1
16
25
31
9
7
40
58
12
9
$300K -$349K
2
9
1
27
11
16
1
9
25
39
8
9
$350K -$399K
2
6
0
18
8
17
6
13
23
49
9
13
$400K -$449K
1
7
0
42
1
8
2
48
13
22
4
10
$450K -$499K
1
5
2
30
2
13
3
39
13
33
6
15
$500K -$749K
0
11
2
--
5
32
3
38
24
90
6
23
$750K -$999K
1
7
0
42
2
9
0
27
4
65
7
98
$1M -$1.99M
0
7
1
--
0
14
0
--
6
65
3
65
$2,M -$2.99M
0
3
0
--
0
1
0
--
3
22
0
44
$3M -$4.99M
0
0
0
--
0
2
0
--
0
9
0
--
$5M +
0
0
0
--
0
0
0
--
0
1
0
--
101
153
45
9
251
284
122
7
225
553
80
15
2017 1st & 2nd Quarter
-- Not enough sales to calculate Absorption Rate
RESDIENTIAL SALES PRICES BY STATUS North
2016 Qrt 1 Avg
Median
Sold $
Active $
Central
Pend $
Sold $
Active $
South
Pend $
Sold $
Active $
Pend $
$150,042 $376,634 $206,430 $191,643 $387,102 $203,933 $370,481 $715,396 $415,506 $128,500 $219,000 $137,500 $167,000 $253,000 $135,500 $298,000 $459,900 $297,000
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 3
Modest increases overall. Depends on individual markets
1st & 2nd Qtr Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
RESIDENTIAL REPORT
Residential (single family) home sales rose 4% countywide, with the biggest gain in Southern Berkshire of 10%. Sales volume rose slightly, 1% countywide, which was due in part to a decrease of 12% in northern Berkshire and 3% in Central Berkshire. Southern Berkshire showed strong gains over the same period in 2016.
2012
2013
2014
2015
2016
2017
194 17.58% $35,281,975 4% $181,866 -12%
214 10.31% $38,137,864 8% $178,214 -2%
207 -3.27% $41,620,500 9% $201,065 13%
234 13.04% $42,279,687 2% $180,682 -10%
248 5.98% $49,541,124 17% $199,763 11%
251 1.21% $48,102,402 -3% $191,643 -4%
86 30.30% $15,604,722 31% $181,450 1%
84 -2.33% $14,171,547 -9% $168,709 -7%
79 -5.95% $14,306,274 1% $181,092 7%
89 12.66% $16,532,799 16% $185,762 3%
103 15.73% $17,300,547 5% $167,966 -10%
101 -1.94% $15,154,265 -12% $150,042 -11%
143 7.52% $49,954,650 -7% $349,333 -13%
168 17.48% $63,737,800 28% $379,392 9%
174 3.57% $77,439,250 21% $445,053 17%
160 -8.05% $66,462,719 -14% $415,392 -7%
204 27.50% $78,840,642 19% $386,474 -7%
225 10.29% $83,358,268 6% $370,481 -4%
423 16.21% $100,841,347 1% $238,396 -13%
466 10.17% $116,047,211 15% $249,028 4%
460 -1.29% $133,366,024 15% $289,926 16%
483 5.00% $125,275,205 -6% $259,369 -11%
555 14.91% $145,682,313 16% $262,491 1%
577 3.96% $146,614,935 1% $254,099 -3%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 4
CONDO REPORT
In the first two quarters of 2016, condo sales lagged 2015 sales rates. In 2017, it is the opposite, with sales rising in all regions, and exceeding 5-year averages in both the number of units transacted and the dollar volume sold. Overall, we report an increase of 46% over last year in the number of sales, up to 54 units transferred from 37 the previous period. Sales volume topped $12.8 million, compared to $9.3 million last year. 1st & 2nd Qtr Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
11 15 12 120.00% 36.36% -20.00% $1,879,850 $4,373,400 $2,785,100 67% 133% -36% $170,895 $291,560 $232,092 -24% 71% -20%
2016
Condo sales rose in YTD in all regions
2017
19 14 58.33% -26.32% $3,604,400 $2,846,900 29% -21% $189,705 $203,350 -18% 7%
23 64.29% $4,755,848 67% $206,776 2%
2 -60.00% $414,000 -55% $207,000 13%
6 7 200.00% 16.67% $1,196,400 $1,132,900 189% -5% $199,400 $161,843 -4% -19%
9 28.57% $1,360,900 20% $151,211 -7%
16 13 19 23.08% -18.75% 46.15% $4,686,625 $3,812,400 $5,444,200 -1% -19% 43% $292,914 $293,262 $286,537 -20% 0% -2%
21 16 10.53% -23.81% $5,626,650 $5,372,500 3% -5% $267,936 $335,781 -6% 25%
22 37.50% $6,750,475 26% $306,840 -9%
6 200.00% $931,500 253% $155,250 18%
5 -16.67% $916,000 -2% $183,200 18%
Total # Sold Total % Chg #
33 65.00%
33 0.00%
33 0.00%
46 39.39%
37 -19.57%
54 45.95%
Total $ Sold Total % Chg $
$7,497,975 22%
$9,101,800 21%
$8,643,300 -5%
$10,427,450 21%
$9,352,300 -10%
$12,867,223 38%
$227,211 -26%
$275,812 21%
$261,918 -5%
$226,684 -13%
$252,765 12%
$238,282 -6%
Total Avg $ Total % Chg Avg
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 5
Multi-family sales soar compared to last year
1st & 2nd Qtr Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold
MULTIFAMILY REPORT
Overall, multifamily sales rates soared over the preceding several years comparison, in both dollar volume and number of units sold. Southern Berkshire didn’t realize the same jump, but sales were consistent with last year. Central Berkshire saw sales top 38 units, an increase of 36%, and 4.4 million in sales, a 47% increase. Northern Berkshire sales rose 37% with 26 multifamily properties sold, and a dollar volume jump of 78% to $2.3 million.
2012
2013
2014
2015
2016
2017
34 23 22 25 28 38 41.67% -32.35% -4.35% 13.64% 12.00% 35.71% $3,337,800 $2,968,050 $2,636,000 $3,137,200 $2,983,210 $4,390,875 48% -11% -11% 19% -5% 47% $98,171 $129,046 $119,818 $125,488 $106,543 $115,549 4% 31% -7% 5% -15% 8% 14 25 27 18 19 26 75.00% 78.57% 8.00% -33.33% 5.56% 36.84% $1,000,300 $2,902,000 $3,106,850 $1,732,900 $1,271,100 $2,256,650 32% 190% 7% -44% -27% 78% $71,450 $116,080 $115,069 $96,272 $66,900 $86,794 -25% 62% -1% -16% -31% 30% 4
4
% Chg # $ Sold
-33.33% $515,500
% Chg $ Avg $
5
5
4
0.00% $636,500
0.00% 25.00% $652,500 $1,195,000
0.00% $831,400
-20.00% $889,444
-58% $128,875
23% $159,125
3% $163,125
83% $239,000
-30% $166,280
7% $222,361
-37%
23%
3%
47%
-30%
34%
52
52
53
48
52
68
Total % Chg # Total $ Sold
36.84% $4,853,600
0.00% $6,506,550
1.92% $6,395,350
-9.43% $6,065,100
8.33% $5,085,710
30.77% $7,536,969
Total % Chg $ Total Avg $
14% $93,338
34% $125,126
-2% $120,667
-5% $126,356
-16% $97,802
48% $110,838
-17%
34%
-4%
5%
-23%
13%
% Chg Avg Total # Sold
Total % Chg Avg
4
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 6
LAND REPORT
Robust land sales keep momentum strong
1st & 2nd Qtr Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
Land sales for the first 6 months of 2016 dipped slightly from 2015, and our 2017 sales made up the difference. Dollar volume did lag over the previous year by 10%, and $5.3 million in land sale transactions. With 45 sales countywide, overall sales activity is higher than the previous 2 years, but considerably lower than our peak in 20022005. With inventory retracting, we can hope that building may begin and land sales increase.
2012
2013
2014
2015
2016
2017
10 150.00% $572,400 57% $57,240 -37%
11 10.00% $1,874,000 227% $170,364 198%
10 -9.09% $854,500 -54% $85,450 -50%
14 40.00% $973,000 14% $69,500 -19%
7 -50.00% $478,000 -51% $68,286 -2%
11 57.14% $1,801,200 277% $163,745 140%
9 350.00% $555,500 63% $61,722 -64%
8 -11.11% $687,000 24% $85,875 39%
8 0.00% $414,900 -40% $51,863 -40%
13 62.50% $778,400 88% $59,877 15%
10 -23.08% $443,050 -43% $44,305 -26%
11 10.00% $938,900 112% $85,355 93%
10
29
28
17
23
23
% Chg # $ Sold
-67.74% $1,602,000
190.00% $6,082,000
-3.45% $2,405,400
-39.29% $2,662,575
35.29% $4,973,900
0.00% $2,590,400
% Chg $ Avg $
-60% $160,200
280% $209,724
-60% $85,907
11% $156,622
87% $216,257
-48% $112,626
24%
31%
-59%
82%
38%
-48%
29
48
46
44
40
45
Total % Chg # Total $ Sold
-21.62% $2,729,900
65.52% $8,643,000
-4.17% $3,674,800
-4.35% $4,413,975
-9.09% $5,894,950
12.50% $5,330,500
Total % Chg $ Total Avg $
-42% $94,134
217% $180,063
-57% $79,887
20% $100,318
34% $147,374
-10% $118,456
-26%
91%
-56%
26%
47%
-20%
South # Sold
% Chg Avg Total # Sold
Total % Chg Avg
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 7
COMMERCIAL REPORT
.
Commercial sales show steady growth since 2013
Commercial sales, while small in number, showed improvement in the first two quarters of the year in 2017 over past years. and indicate a strengthening market overall. With 23 transactions valued at $6.6 million, the market was steady. Northern and Central Berkshire reported an increase in the average selling price, with double digit increases. Alternatively, Southern Berkshire recorded galling average sale prices. Please note: Not all Berkshire REALTOR assisted commercial sales are included in the MLS database. 1st & 2nd Qtr Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold
2012
2013
2014
2015
2016
2017
4 0.00% $872,843 30% $218,211 30%
4 0.00% $946,000 8% $236,500 8%
1 -75.00% $170,000 -82% $170,000 -28%
5 400.00% $972,500 472% $194,500 14%
9 80.00% $1,993,750 105% $221,528 14%
11 22.22% $2,879,900 44% $261,809 18%
4 100.00% $602,500 -60% $150,625 -80%
3 -25.00% $354,000 -41% $118,000 -22%
2 -33.33% $1,275,000 260% $637,500 440%
6 200.00% $1,207,900 -5% $201,317 -68%
3 -50.00% $608,000 -50% $202,667 1%
4 33.33% $1,378,000 127% $344,500 70%
8
7
6
6
8
8
% Chg # $ Sold
14.29% $2,902,400
-12.50% $5,142,000
-14.29% $2,721,688
0.00% $2,925,500
33.33% $4,117,500
0.00% $2,308,500
% Chg $ Avg $
-34% $362,800
77% $734,571
-47% $453,615
7% $487,583
41% $514,688
-44% $288,563
-42%
102%
-38%
7%
6%
-44%
16
14
9
17
20
23
Total % Chg # Total $ Sold
23.08% $4,377,743
-12.50% $6,442,000
-35.71% $4,166,688
88.89% $5,105,900
17.65% $6,719,250
15.00% $6,566,400
Total % Chg $ Total Avg $
-33% $273,609
47% $460,143
-35% $462,965
23% $300,347
32% $335,963
-2% $285,496
-46%
68%
1%
-35%
12%
-15%
% Chg Avg Total # Sold
Total % Chg Avg
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 8
2017 NORTH BERKSHIRE YTD SALES
196
Overall, year-to-date sales in the northern Berkshire region rose compared to the same time last year up 6% in the number of transactions and up 2% in the dollar volume of the transactions. Residential sales were the least robust, with decreases in both the dollar volume and number of transactions. Northern Berkshire showed the strongest growth in the multifamily and condo markets with solid land and commercial sales to carry the first two quarter of 2017. It should be noted that in Residential sales, Adams and Williamstown report gains, North Adams is almost identical from last year and the biggest factor was a huge surge of sales in Clarksburg last year (from an average of 3-5, up to 15). Largest Price Ranges
151 sales
$21 M
92%
sales +2%
List-to-Sell Ratio for co-brokes
Up +6%
Highest gains in Multifamily
$100 - $149 K
9
months’ supply
Residential Sales Volume $15.1M, down 12% Residential # Units Sold 101, down 1%
$128,500
median sale price
153 Homes for Sale
$219,000
median list price
3.9 %
Condo Sales Volume: $1.4M, up 20% Condo # Units Sold: 9, up 28% (7 last year)
↑ from 3.57% avg 30 yr Fixed MtgRate in ‘16
Land Sales Volume: $939K, up 111% Land # Units Sold: 11, up 10% (10)
49%
45
Commercial Sales Volume: $1.4M, up 126% Commercial # Units Sold: 4, up from 3
YTD # Sold $ Sold
Sales
Inventory
90% for in-house
Multi-family Sales Volume: $2.3M, up +77% Multi-family # Units Sold: 26, up 36%
$100 - $149 K
sales pending in July
lowest cooperation rates
2011
2012
2013
2014
2015
2016
2017
80 $14,771,350
119 $18,694,522
125 $19,030,547
118 $19,517,024
132 $21,448,399
142 $20,755,597
151 $21,088,715
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 9
1ST & 2ND QUARTER NORTH COUNTY REAL ESTATE SALES OVERVIEW
1st & 2nd Qtr Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
86 30.30% $15,604,722 31% $181,450 1%
84 -2.33% $14,171,547 -9% $168,709 -7%
79 -5.95% $14,306,274 1% $181,092 7%
89 12.66% $16,532,799 16% $185,762 3%
103 15.73% $17,300,547 5% $167,966 -10%
101 -1.94% $15,154,265 -12% $150,042 -11%
14 75.00% $1,000,300 32% $71,450 -25%
25 78.57% $2,902,000 190% $116,080 62%
27 8.00% $3,106,850 7% $115,069 -1%
18 -33.33% $1,732,900 -44% $96,272 -16%
19 5.56% $1,271,100 -27% $66,900 -31%
26 36.84% $2,256,650 78% $86,794 30%
9 350.00% $555,500 63% $61,722 -64%
8 -11.11% $687,000 24% $85,875 39%
8 0.00% $414,900 -40% $51,863 -40%
13 62.50% $778,400 88% $59,877 15%
10 -23.08% $443,050 -43% $44,305 -26%
11 10.00% $938,900 112% $85,355 93%
6 200.00% $931,500 253% $155,250 18%
5 -16.67% $916,000 -2% $183,200 18%
2 -60.00% $414,000 -55% $207,000 13%
6 200.00% $1,196,400 189% $199,400 -4%
7 16.67% $1,132,900 -5% $161,843 -19%
9 28.57% $1,360,900 20% $151,211 -7%
4 100.00% $602,500 -60% $150,625 -80%
3 -25.00% $354,000 -41% $118,000 -22%
2 -33.33% $1,275,000 260% $637,500 440%
6 200.00% $1,207,900 -5% $201,317 -68%
3 -50.00% $608,000 -50% $202,667 1%
4 33.33% $1,378,000 127% $344,500 70%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 10
NORTH COUNTY RESIDENTIAL SALES: BY TOWN (towns with under 2 sales not shown in breakout)
1st & 2nd Qtr Adams # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Clarksburg # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North Adams # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Williamstown # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2013
2014
2015
2016
2017
24 9.09% $3,255,400 -11% $135,642 -18%
24 0.00% $2,838,830 -13% $118,285 -13%
28 16.67% $3,376,849 19% $120,602 2%
24 -14.29% $3,395,000 1% $141,458 17%
25 4.17% $3,698,204 9% $147,928 5%
31 24.00% $4,583,050 24% $147,840 0%
5 150.00% $513,500 13% $102,700 -55%
4 -20.00% $496,000 -3% $124,000 21%
5 25.00% $592,400 19% $118,480 -4%
3 -40.00% $421,500 -29% $140,500 19%
15 400.00% $1,996,900 374% $133,127 -5%
5 -66.67% $671,000 -66% $134,200 1%
30 15.38% $3,458,412 9% $115,280 -6%
30 0.00% $3,660,400 6% $122,013 6%
30 0.00% $3,883,200 6% $129,440 6%
31 3.33% $3,407,700 -12% $109,926 -15%
42 35.48% $4,716,001 38% $112,286 2%
42 0.00% $4,295,400 -9% $102,271 -9%
23 53.33% $7,769,410 76% $337,800 15% 86 30.30% $15,604,722 31% $181,450 1%
22 -4.35% $6,616,417 -15% $300,746 -11% 84 -2.33% $14,171,547 -9% $168,709 -7%
15 -31.82% $6,253,825 -5% $416,922 39% 79 -5.95% $14,306,274 1% $181,092 7%
23 53.33% $8,159,600 30% $354,765 -15% 89 12.66% $16,532,799 16% $185,762 3%
18 -21.74% $6,198,442 -24% $344,358 -3% 103 15.73% $17,300,547 5% $167,966 -10%
20 11.11% $5,197,815 -16% $259,891 -25% 101 -1.94% $15,154,265 -12% $150,042 -11%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 11
2017 CENTRAL BERKSHIRE YTD SALES
Overall, central sales volume rose 7% compared to the sales rate in the first quarter of 2016. The number of sales rose 9%. While the residential market showed moderate activity, with 1% more homes sold this year than last, the dollar volume was down slightly, creating a downward pressure on the average sale price. The rest of the market showed dramatic gains, with double digit increases in multifamily, condo, land and commercial sales in the central regions so far this year. Pittsfield residential sales were strong and the falling sales in Dalton and Hinsdale were offset by the gains experienced in Hancock and Lanesboro.
334 sales ↑9%
Residential Sales Volume $48M, down 3% Residential # Units Sold 251, up 1.2% Multi-family Sales Volume: $4.4M, up +47% Multi-family # Units Sold: 38, up 35%, from 28 Condo Sales Volume: $4.76M, up 67% Condo # Units Sold: 23, up 64% from 14 Land Sales Volume: $1.8M, up 277% Land # Units Sold: 11, up 57% from 7
$100 - $149K Inventory
89% for in-house
Highest since 2007
Sales
sales ↑7%
List-to-Sell Ratio for co-brokes
Largest Price Ranges
$150 - $199 K
$62 M
89%
173
7
months’ supply
$167,000
median sale price
284 Homes for Sale
$253,000
median list price
3.9 % ↑ from 3.57% avg 30 yr Fixed MtgRate in ‘16
69%
122
Commercial Sales Volume: $2.88M, up 44% Commercial # Units Sold: 11, +22% up from 9
co-broke
sales pending in July
31% in-house 1st Quarter # Sold $ Sold
2012
2013
2014
2015
2016
2017
253 $41,944,868
267 $48,299,314
252 $48,066,100
297 $50,966,787
306 $57,842,984
334 $61,930,225
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 12
1ST & 2ND QUARTER CENTRAL COUNTY REAL ESTATE SALES OVERVIEW
1st & 2nd Qtr Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
194 17.58% $35,281,975 4% $181,866 -12%
214 10.31% $38,137,864 8% $178,214 -2%
207 -3.27% $41,620,500 9% $201,065 13%
234 13.04% $42,279,687 2% $180,682 -10%
248 5.98% $49,541,124 17% $199,763 11%
251 1.21% $48,102,402 -3% $191,643 -4%
34 41.67% $3,337,800 48% $98,171 4%
23 -32.35% $2,968,050 -11% $129,046 31%
22 -4.35% $2,636,000 -11% $119,818 -7%
25 13.64% $3,137,200 19% $125,488 5%
28 12.00% $2,983,210 -5% $106,543 -15%
38 35.71% $4,390,875 47% $115,549 8%
10 150.00% $572,400 57% $57,240 -37%
11 10.00% $1,874,000 227% $170,364 198%
10 -9.09% $854,500 -54% $85,450 -50%
14 40.00% $973,000 14% $69,500 -19%
7 -50.00% $478,000 -51% $68,286 -2%
11 57.14% $1,801,200 277% $163,745 140%
11 120.00% $1,879,850 67% $170,895 -24%
15 36.36% $4,373,400 133% $291,560 71%
12 -20.00% $2,785,100 -36% $232,092 -20%
19 58.33% $3,604,400 29% $189,705 -18%
14 -26.32% $2,846,900 -21% $203,350 7%
23 64.29% $4,755,848 67% $206,776 2%
4 0.00% $872,843 30% $218,211 30%
4 0.00% $946,000 8% $236,500 8%
1 -75.00% $170,000 -82% $170,000 -28%
5 400.00% $972,500 472% $194,500 14%
9 80.00% $1,993,750 105% $221,528 14%
11 22.22% $2,879,900 44% $261,809 18%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 13
CENTRAL COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st & 2nd Qtr Cheshire # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Dalton # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Hancock # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Hinsdale # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lanesboro # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
3 -25.00% $513,750 -41% $171,250 -22%
11 266.67% $1,419,400 176% $129,036 -25%
6 -45.45% $1,155,500 -19% $192,583 49%
11 83.33% $1,251,400 8% $113,764 -41%
10 -9.09% $1,426,900 14% $142,690 25%
11 10.00% $2,383,400 67% $216,673 52%
33 13.79% $7,228,000 31% $219,030 15%
21 -36.36% $3,844,850 -47% $183,088 -16%
32 52.38% $6,694,105 74% $209,191 14%
30 -6.25% $4,744,592 -29% $158,153 -24%
36 20.00% $7,008,700 48% $194,686 23%
29 -19.44% $5,864,000 -16% $202,207 4%
2 0.00% $294,000 -32% $147,000 -32%
2 0.00% $1,290,000 339% $645,000 339%
2 0.00% $815,000 -37% $407,500 -37%
2 0.00% $454,000 -44% $227,000 -44%
2 0.00% $534,000 18% $267,000 18%
9 350.00% $2,212,100 314% $245,789 -8%
3 -50.00% $556,900 -62% $185,633 -23%
9 200.00% $2,219,400 299% $246,600 33%
8 -11.11% $1,517,000 -32% $189,625 -23%
6 -25.00% $1,121,300 -26% $186,883 -1%
11 83.33% $2,278,800 103% $207,164 11%
9 -18.18% $1,981,533 -13% $220,170 6%
12 9.09% $1,940,400 -5% $161,700 -13%
14 16.67% $2,511,600 29% $179,400 11%
17 21.43% $3,429,400 37% $201,729 12%
16 -5.88% $3,681,700 7% $230,106 14%
14 -12.50% $2,399,800 -35% $171,414 -26%
16 14.29% $3,449,800 44% $215,613 26%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 14
1st & 2nd Qtr Pittsfield # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Richmond # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Windsor # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2013
2014
2015
2016
2017
142 24.56% $22,667,875 1% $159,633 -19%
162 14.08% $26,959,614 19% $166,417 4%
149 -8.02% $25,598,295 -5% $171,801 3%
181 21.48% $29,992,095 17% $165,702 -4%
172 -4.97% $31,657,474 6% $184,055 11%
189 9.88% $33,128,417 5% $175,283 -5%
6 100.00% $2,818,000 153% $469,667 26%
8 33.33% $3,495,000 24% $436,875 -7%
7 -12.50% $4,025,200 15% $575,029 32%
9 28.57% $3,456,000 -14% $384,000 -33%
12 33.33% $4,728,900 37% $394,075 3%
10 -16.67% $3,216,000 -32% $321,600 -18%
2 -50.00% $419,900 -48% $209,950 3% 208 18.18% $37,253,325 6% $179,103 -11%
1 -50.00% $242,900 -42% $242,900 16% 232 11.54% $42,589,264 14% $183,574 2%
3 200.00% $724,500 198% $241,500 -1% 228 -1.72% $44,694,500 5% $196,029 7%
1 -66.67% $290,000 -60% $290,000 20% 261 14.47% $46,136,587 3% $176,769 -10%
6 500.00% $1,322,900 356% $220,483 -24% 268 2.68% $52,525,924 14% $195,992 11%
2 -66.67% $514,000 -61% $257,000 17% 276 2.99% $52,906,250 1% $191,689 -2%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 15
2017 SOUTH BERKSHIRE YTD SALES
While south county boasts the highest (14 months) of absorption, the inventory doesn’t currently exist where sales are most robust. Since the first quarter, south county inventory is starting to trend lower, in the $500K range as opposed to the $1M+ range in the first quarter. The market is scattered, with solid residential sales, booming condo sales, moderate multi-family sales and a lagging commercial and land market overall. While Great Barrington and Stockbridge have slower markets so far this year, Sheffield, West Stockbridge, Lee and Lenox are robust with double digit gains.
287 sales ↑ 10%
Gains in all but multi-family
81% for in-house
Sales
$500K -749K
sales ↑2%
List-to-Sell Ratio for co-brokes
Inventory
15
months’ supply
Residential Sales Volume $83.3M, up +6% Residential # Units Sold 225, up +10%
$298,000
median sale price
553 Homes for Sale
Multi-family Sales Volume: $889K, up +7% Multi-family # Units Sold: 4, down 1 in ‘16
Largest Price Ranges
$250-299 K
$95.9M
88%
319
$459,900
median list price
3.9 %
Condo Sales Volume: $6.8M up 26% Condo # Units Sold: 22, up 38%, from 16
↑ from 3.57% avg 30 yr Fixed MtgRate in ‘16
Land Sales Volume: $2.59M, down 48% Land # Units Sold: 23, Same as last year
80
Commercial Sales Volume: $2.3M, down 44% Commercial # Units Sold: 8, Same as last year
sales pending in July
70%
co-broke ‘ 30% in-house
Highest Coop in Berks!
All Sales YTD
2012
2013
2014
2015
2016
2017
# Sold
181
221
231
209
256
282
$ Sold
$59,661,175
$79,410,700
$88,663,038
$78,872,444
$94,135,942
$95,897,087
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 16
1ST & 2ND QUARTER SOUTH COUNTY REAL ESTATE SALES OVERVIEW
1st & 2nd Qtr Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
143 7.52% $49,954,650 -7% $349,333 -13%
168 17.48% $63,737,800 28% $379,392 9%
174 3.57% $77,439,250 21% $445,053 17%
160 -8.05% $66,462,719 -14% $415,392 -7%
204 27.50% $78,840,642 19% $386,474 -7%
225 10.29% $83,358,268 6% $370,481 -4%
4 -33.33% $515,500 -58% $128,875 -37%
4 0.00% $636,500 23% $159,125 23%
4 0.00% $652,500 3% $163,125 3%
5 25.00% $1,195,000 83% $239,000 47%
5 0.00% $831,400 -30% $166,280 -30%
4 -20.00% $889,444 7% $222,361 34%
10 -67.74% $1,602,000 -60% $160,200 24%
29 190.00% $6,082,000 280% $209,724 31%
28 -3.45% $2,405,400 -60% $85,907 -59%
17 -39.29% $2,662,575 11% $156,622 82%
23 35.29% $4,973,900 87% $216,257 38%
23 0.00% $2,590,400 -48% $112,626 -48%
16 23.08% $4,686,625 -1% $292,914 -20%
13 -18.75% $3,812,400 -19% $293,262 0%
19 46.15% $5,444,200 43% $286,537 -2%
21 10.53% $5,626,650 3% $267,936 -6%
16 -23.81% $5,372,500 -5% $335,781 25%
22 37.50% $6,750,475 26% $306,840 -9%
8 14.29% $2,902,400 -34% $362,800 -42%
7 -12.50% $5,142,000 77% $734,571 102%
6 -14.29% $2,721,688 -47% $453,615 -38%
6 0.00% $2,925,500 7% $487,583 7%
8 33.33% $4,117,500 41% $514,688 6%
8 0.00% $2,308,500 -44% $288,563 -44%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 17
SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st & 2nd Qtr Alford # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Becket # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Egremont # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Great Barrington # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lee # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
1 0.00% $350,000 -17% $350,000 -17%
5 400.00% $4,322,500 1135% $864,500 147%
5 0.00% $6,330,800 46% $1,266,160 46%
5 0.00% $7,657,500 21% $1,531,500 21%
4 -20.00% $2,972,000 -61% $743,000 -51%
2 -50.00% $1,130,000 -62% $565,000 -24%
15 15.38% $2,001,950 -11% $133,463 -23%
16 6.67% $2,419,950 21% $151,247 13%
17 6.25% $4,230,800 75% $248,871 65%
16 -5.88% $3,464,100 -18% $216,506 -13%
25 56.25% $6,407,509 85% $256,300 18%
25 0.00% $6,030,400 -6% $241,216 -6%
7 -22.22% $1,967,500 -47% $281,071 -32%
9 28.57% $3,002,750 53% $333,639 19%
13 44.44% $7,633,000 154% $587,154 76%
11 -15.38% $6,087,000 -20% $553,364 -6%
15 36.36% $6,230,404 2% $415,360 -25%
13 -13.33% $6,230,000 0% $479,231 15%
30 -14.29% $11,729,100 -17% $390,970 -4%
37 23.33% $12,837,400 9% $346,957 -11%
30 -18.92% $9,885,700 -23% $329,523 -5%
31 3.33% $12,928,550 31% $417,050 27%
40 29.03% $14,726,425 14% $368,161 -12%
34 -15.00% $13,903,100 -6% $408,915 11%
18 50.00% $3,810,650 48% $211,703 -1%
21 16.67% $6,639,400 74% $316,162 49%
25 19.05% $6,400,900 -4% $256,036 -19%
20 -20.00% $3,846,494 -40% $192,325 -25%
23 15.00% $5,215,300 36% $226,752 18%
25 8.70% $6,765,700 30% $270,628 19%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 18
SOUTH COUNTY RESIDENTIAL SALES: TOWN
1st & 2nd Qtr Lenox # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Monterey # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg New Marlborough # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Otis # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Sandisfield # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
22 -4.35% $7,191,000 -21% $326,864 -17%
20 -9.09% $5,101,400 -29% $255,070 -22%
27 35.00% $10,566,500 107% $391,352 53%
33 22.22% $10,225,825 -3% $309,873 -21%
28 -15.15% $10,220,750 0% $365,027 18%
42 50.00% $16,341,475 60% $389,083 7%
3 -25.00% $1,120,000 -54% $373,333 -39%
7 133.33% $4,306,500 285% $615,214 65%
8 14.29% $4,607,500 7% $575,938 -6%
5 -37.50% $2,564,500 -44% $512,900 -11%
10 100.00% $5,544,500 116% $554,450 8%
9 -10.00% $4,288,618 -23% $476,513 -14%
10 25.00% $5,101,500 -24% $510,150 -40%
11 10.00% $8,469,500 66% $769,955 51%
7 -36.36% $4,264,150 -50% $609,164 -21%
12 71.43% $3,908,500 -8% $325,708 -47%
12 0.00% $3,589,400 -8% $299,117 -8%
10 -16.67% $2,987,650 -17% $298,765 0%
16 100.00% $7,500,900 344% $468,806 122%
7 -56.25% $2,176,500 -71% $310,929 -34%
14 100.00% $4,097,600 88% $292,686 -6%
9 -35.71% $2,643,200 -35% $293,689 0%
9 0.00% $2,998,000 13% $333,111 13%
17 88.89% $3,836,400 28% $225,671 -32%
4 0.00% $652,400 -53% $163,100 -53%
5 25.00% $860,000 32% $172,000 5%
5 0.00% $4,307,000 401% $861,400 401%
7 40.00% $2,253,200 -48% $321,886 -63%
9 28.57% $3,730,500 66% $414,500 29%
7 -22.22% $1,804,000 -52% $257,714 -38%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 19
SOUTH COUNTY RESIDENTIAL SALES: TOWN
1st & 2nd Qtr Sheffield # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Stockbridge # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg West Stockbridge # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2013
2014
2015
2016
2017
8 -27.27% $2,188,000 -52% $273,500 -34%
11 37.50% $3,283,500 50% $298,500 9%
17 54.55% $6,013,000 83% $353,706 18%
11 -35.29% $5,020,000 -17% $456,364 29%
17 54.55% $5,457,654 9% $321,038 -30%
32 88.24% $11,580,500 112% $361,891 13%
20 100.00% $7,931,425 78% $396,571 -11%
27 35.00% $11,680,200 47% $432,600 9%
20 -25.93% $11,397,000 -2% $569,850 32%
19 -5.00% $9,029,500 -21% $475,237 -17%
20 5.26% $13,224,200 46% $661,210 39%
15 -25.00% $6,127,400 -54% $408,493 -38%
6 -25.00% $2,265,500 -35% $377,583 -13% 163 10.14% $54,784,925 -6% $336,104 -15%
7 16.67% $2,165,500 -4% $309,357 -18% 184 12.88% $67,690,100 24% $367,881 9%
6 -14.29% $3,169,500 46% $528,250 71% 194 5.43% $82,903,450 22% $427,337 16%
5 -16.67% $2,052,000 -35% $410,400 -22% 186 -4.12% $72,343,369 -13% $388,943 -9%
6 20.00% $2,313,000 13% $385,500 -6% 223 19.89% $84,337,142 17% $378,193 -3%
13 116.67% $6,569,500 184% $505,346 31% 247 10.76% $90,108,743 7% $364,813 -4%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 20
2017 MARKET INDICATORS Federal Reserve Rate Hike
The Federal Reserve raised short-term interest rates by a quarter point at the end of the second quarter. In a sign of confidence, the Fed also upgraded its forecast for U.S. economic growth and unemployment this year. The Fed also indicated they will start gradually selling off the assets bought during and after the financial crisis to boost the economy.
Interest rates for mortgages are not expected to rise immediately, but a consensus of economists agree that the rates are likely to rise to approximately 4.5% by year end and potentially 5% by the end of 2018. No one was surprised by this move, and economists predict that there will be one or two more increases before the year is out. Sean Becketti, chief economist for Freddie Mac notes that 30-year fixed mortgage rates are still close to a seven-month low, “which is very good news for those potential homebuyers in the market and even those who may be looking to refinance.” The average 30-year fixed-rate mortgage is now about 4.04 percent — up slightly from the record low of 3.50 percent in December 2012.
Innovative Solutions for Homeownership More homebuyers? In a stroke of good news, Fannie Mae announced new policies that will help more borrowers with student debt qualify for a home loan. The new solutions give homeowners the opportunity to pay down student debt with a mortgage refinance, allow borrowers to exclude nonmortgage debt paid by others as part of the loan application process, and make it more likely for borrowers with student debt to qualify for a mortgage loan by allowing lenders to accept student debt payments included on credit reports. “We understand the significant role that a monthly student loan payment plays in a potential home buyer’s consideration to take on a mortgage, and we want to be a part of the solution,” said Jonathan Lawless, Vice President of Customer Solutions, Fannie Mae. “These new policies provide three flexible payment solutions to future and current homeowners and, in turn, allow lenders to serve more borrowers.” Report generated by Sandra J. Carroll, Chief Executive Officer, Berkshire County Board of REALTORS, Inc. 99 West Street, Pittsfield, MA 01201 | (413) 442-8049 Fax (413) 448-2852. Data derived from the Berkshire County Multiple Listing Service, Inc. Believed to be accurate but not warranted. Mortgage Rates Taken from FreddieMac historical Rates by Month. Economic data from the National Association of REALTORS.
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 21
Berkshire County MA - Nestled in the beautiful hills of western Massachusetts – Where art and nature come to play
This report was written by Sandra J. Carroll, Chief Executive Officer. Information believed to be accurate, but is not warranted. Data and statistics pulled from the REALTOR’S® MLS database of properties listed for sale and sold through the services of a real estate firm holding membership. Statistics account for REALTOR® assisted sales and transfers in Berkshire County, Massachusetts. Berkshire REALTOR Members are encouraged to share this information with clients and customers to promote awareness of market trends and foster informed decisions. © Berkshire County Board of REALTORS Multiple Listing Service, Inc. (MLS) Phone: (413) 442-8049 | 99 West St, Suite 200, Pittsfield, MA 01201 | AtHomeInTheBerkshires.com | BerkshireRealtors.net
Strongest Residential Markets YTD
West Stockbridge, Hancock, Sheffield, Otis, Lenox, Cheshire, Lanesboro, Lee, Adams, Pittsfield and Tyringham
2017 2 Quarter Market Watch January – June Sales Comparison nd
Year to date sales reflect positive market momentum. The dollar volume of real estate sales is up 4% and the number of transactions sold is up 8%. The number of residential homes, multi-family homes, land parcels, condos and commercial properties sold in the first quarter rose compared to sales last year. The first quarter of 2017 was very robust, so the continued momentum despite low inventory is a very positive market trend.
HISTORICAL BERKSHIRE COUNTY 2nd QUARTER SALES: # of ALL TRANSACTIONS 900 800 700 600 500 400 300 200 100 0
546
488
566
628
The areas of the largest growth over the first two quarters of the previous year were in condo and multifamily markets. The Central and Northern Berkshire land markets had a double digit jump in both dollar volume transacted and the number of sales. Commercial sales in Northern and Central Berkshire were strong and offset the decrease noted in southern Berkshire’s commercial market.
616
All Sales 1st
&
2nd
2016 Qtrs
779
719
666
2017
North
$ Sold $20,856,596
# Sold 146
$ Sold $21,247,564
# Sold 156
Central
$57,980,891
313
$61,979,425
337
South
$94,409,942
260
$96,148,437
286
Grand Total
$173,247,429
719
$179,375,426
779
Northern Berkshire had 101 home sales, down from 103. Central Berkshire had 251 home sales, up from 248 Southern Berkshire had 225 homes sales, up from 204.
Historical comparison for all property types
1st & 2nd Qtrs Residential
2011 $99,518,466
2012 $100,841,347
2013 $116,047,211
2014 $133,366,024
2015 $125,275,205
2016 $145,682,313
2017 $146,614,935
Multi-Family
$4,253,229
$4,853,600
$6,506,550
$6,395,350
$6,065,100
$5,085,710
$7,536,969
Lots/Land
$4,711,500
$2,729,900
$8,643,000
$3,674,800
$4,413,975
$5,894,950
$5,330,500
Condominium
$6,142,000
$7,497,975
$9,101,800
$8,643,300
$10,427,450
$9,352,300
$12,867,223
Commercial
$6,582,500
$4,377,743
$6,442,000
$4,166,688
$5,105,900
$6,719,250
$6,566,400
Grand Total
$121,207,695
$120,300,565
$146,740,561
$156,246,162
$151,287,630
$172,734,523
$178,916,027
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 1
Hot Berkshire Residential Markets: YTD 2nd Quarter 2017 Northern Berkshire Adams Clarksburg Florida North Adams Savoy Williamstown Central Berkshire Cheshire Dalton Hancock Hinsdale Lanesboro Peru Pittsfield Richmond Washington Windsor South Berkshire Alford Becket Egremont Great Barrington Lee Lenox Monterey Mt Washington New Marlborough Otis Sandisfield Sheffield Stockbridge Tyringham West Stockbridge Grand Total
1st Qrt 2016 $ Sold # Sold $17,300,547 103 $3,698,204 25 $1,996,900 15 $215,000 1 $4,716,001 42 $476,000 2 $6,198,442 18 $49,541,124 248 $1,347,000 7 $6,473,700 33 $534,000 2 $2,263,800 10 $2,183,800 13 $474,000 2 $29,518,574 160 $4,728,900 12 $694,450 3 $1,322,900 6 $78,840,642 204 $2,972,000 4 $6,407,509 25 $6,230,404 15 $14,546,425 39 $4,108,800 18 $7,100,750 17 $5,544,500 10 $1,162,500 3 $3,589,400 12 $2,998,000 9 $3,730,500 9 $5,457,654 17 $12,134,200 18 $545,000 2 $2,313,000 6 $145,682,313 555
1st Qtr 2017 $ Sold # Sold $15,154,265 101 $4,583,050 31 $671,000 5 $120,000 1 $4,295,400 42 $287,000 2 $5,197,815 20 $48,102,402 251 $2,383,400 11 $5,485,200 28 $1,569,600 5 $1,405,633 7 $3,449,800 16 $157,000 1 $29,921,769 171 $3,216,000 10 No sales 0 $514,000 2 $83,358,268 225 $1,130,000 2 $6,030,400 25 $6,230,000 13 $12,540,100 30 $6,240,700 23 $12,698,500 30 $4,288,618 9 $115,000 1 $2,987,650 10 $3,836,400 17 $1,804,000 7 $11,580,500 32 $4,907,900 11 $2,399,000 2 $6,569,500 13 $146,614,935 577
Most Improved • • • • • • • • • • •
West Stockbridge Hancock Sheffield Otis Lenox Cheshire Lanesboro Lee Adams Pittsfield Tyringham
Inventory •
• •
•
Inventory is down 20% from the same time last year. Residential inventory is down13% There were 2062 single family homes on the market for the first half of 2017, compared to 2379 last year. In some price ranges, inventory is as low as 4 months. In the higher end price range in southern Berkshire, inventory can reach 14 years.
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 2
RESIDENTIAL PRICE RANGE REPORT
Absorption is the number of months it would take to exhaust all current inventory based on the sales rate in the first quarter. Inventory levels continue to drop from last year at the same time. Some price ranges in central Berkshire only have 4 months of inventory to satisfy buyer demand. Anything below 7 months of inventory traditionally shifts to a sellerfavored market. Markets with less than 4 months of inventory are considered in critical inventory deficit.
1st & 2nd Quarter
Price Class
Pending
Months of Absorption
Sold YTD
Active
Pending
Months of Absorption
Sold YTD
Active
Pending
Months of Absorption
South
Active
Central
Sold YTD
North
$0-$99K
30
24
9
5
31
21
13
4
15
12
3
5
$100K -$149K
30
26
17
5
65
44
32
4
10
18
3
11
$150K -$199K
18
22
7
7
70
43
31
4
24
26
12
7
$200K -$249K
11
13
5
7
31
33
22
6
25
44
7
11
$250K -$299K
5
13
1
16
25
31
9
7
40
58
12
9
$300K -$349K
2
9
1
27
11
16
1
9
25
39
8
9
$350K -$399K
2
6
0
18
8
17
6
13
23
49
9
13
$400K -$449K
1
7
0
42
1
8
2
48
13
22
4
10
$450K -$499K
1
5
2
30
2
13
3
39
13
33
6
15
$500K -$749K
0
11
2
--
5
32
3
38
24
90
6
23
$750K -$999K
1
7
0
42
2
9
0
27
4
65
7
98
$1M -$1.99M
0
7
1
--
0
14
0
--
6
65
3
65
$2,M -$2.99M
0
3
0
--
0
1
0
--
3
22
0
44
$3M -$4.99M
0
0
0
--
0
2
0
--
0
9
0
--
$5M +
0
0
0
--
0
0
0
--
0
1
0
--
101
153
45
9
251
284
122
7
225
553
80
15
2017 1st & 2nd Quarter
-- Not enough sales to calculate Absorption Rate
RESDIENTIAL SALES PRICES BY STATUS North
2016 Qrt 1 Avg
Median
Sold $
Active $
Central
Pend $
Sold $
Active $
South
Pend $
Sold $
Active $
Pend $
$150,042 $376,634 $206,430 $191,643 $387,102 $203,933 $370,481 $715,396 $415,506 $128,500 $219,000 $137,500 $167,000 $253,000 $135,500 $298,000 $459,900 $297,000
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 3
Modest increases overall. Depends on individual markets
1st & 2nd Qtr Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
RESIDENTIAL REPORT
Residential (single family) home sales rose 4% countywide, with the biggest gain in Southern Berkshire of 10%. Sales volume rose slightly, 1% countywide, which was due in part to a decrease of 12% in northern Berkshire and 3% in Central Berkshire. Southern Berkshire showed strong gains over the same period in 2016.
2012
2013
2014
2015
2016
2017
194 17.58% $35,281,975 4% $181,866 -12%
214 10.31% $38,137,864 8% $178,214 -2%
207 -3.27% $41,620,500 9% $201,065 13%
234 13.04% $42,279,687 2% $180,682 -10%
248 5.98% $49,541,124 17% $199,763 11%
251 1.21% $48,102,402 -3% $191,643 -4%
86 30.30% $15,604,722 31% $181,450 1%
84 -2.33% $14,171,547 -9% $168,709 -7%
79 -5.95% $14,306,274 1% $181,092 7%
89 12.66% $16,532,799 16% $185,762 3%
103 15.73% $17,300,547 5% $167,966 -10%
101 -1.94% $15,154,265 -12% $150,042 -11%
143 7.52% $49,954,650 -7% $349,333 -13%
168 17.48% $63,737,800 28% $379,392 9%
174 3.57% $77,439,250 21% $445,053 17%
160 -8.05% $66,462,719 -14% $415,392 -7%
204 27.50% $78,840,642 19% $386,474 -7%
225 10.29% $83,358,268 6% $370,481 -4%
423 16.21% $100,841,347 1% $238,396 -13%
466 10.17% $116,047,211 15% $249,028 4%
460 -1.29% $133,366,024 15% $289,926 16%
483 5.00% $125,275,205 -6% $259,369 -11%
555 14.91% $145,682,313 16% $262,491 1%
577 3.96% $146,614,935 1% $254,099 -3%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 4
CONDO REPORT
In the first two quarters of 2016, condo sales lagged 2015 sales rates. In 2017, it is the opposite, with sales rising in all regions, and exceeding 5-year averages in both the number of units transacted and the dollar volume sold. Overall, we report an increase of 46% over last year in the number of sales, up to 54 units transferred from 37 the previous period. Sales volume topped $12.8 million, compared to $9.3 million last year. 1st & 2nd Qtr Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
11 15 12 120.00% 36.36% -20.00% $1,879,850 $4,373,400 $2,785,100 67% 133% -36% $170,895 $291,560 $232,092 -24% 71% -20%
2016
Condo sales rose in YTD in all regions
2017
19 14 58.33% -26.32% $3,604,400 $2,846,900 29% -21% $189,705 $203,350 -18% 7%
23 64.29% $4,755,848 67% $206,776 2%
2 -60.00% $414,000 -55% $207,000 13%
6 7 200.00% 16.67% $1,196,400 $1,132,900 189% -5% $199,400 $161,843 -4% -19%
9 28.57% $1,360,900 20% $151,211 -7%
16 13 19 23.08% -18.75% 46.15% $4,686,625 $3,812,400 $5,444,200 -1% -19% 43% $292,914 $293,262 $286,537 -20% 0% -2%
21 16 10.53% -23.81% $5,626,650 $5,372,500 3% -5% $267,936 $335,781 -6% 25%
22 37.50% $6,750,475 26% $306,840 -9%
6 200.00% $931,500 253% $155,250 18%
5 -16.67% $916,000 -2% $183,200 18%
Total # Sold Total % Chg #
33 65.00%
33 0.00%
33 0.00%
46 39.39%
37 -19.57%
54 45.95%
Total $ Sold Total % Chg $
$7,497,975 22%
$9,101,800 21%
$8,643,300 -5%
$10,427,450 21%
$9,352,300 -10%
$12,867,223 38%
$227,211 -26%
$275,812 21%
$261,918 -5%
$226,684 -13%
$252,765 12%
$238,282 -6%
Total Avg $ Total % Chg Avg
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 5
Multi-family sales soar compared to last year
1st & 2nd Qtr Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold
MULTIFAMILY REPORT
Overall, multifamily sales rates soared over the preceding several years comparison, in both dollar volume and number of units sold. Southern Berkshire didn’t realize the same jump, but sales were consistent with last year. Central Berkshire saw sales top 38 units, an increase of 36%, and 4.4 million in sales, a 47% increase. Northern Berkshire sales rose 37% with 26 multifamily properties sold, and a dollar volume jump of 78% to $2.3 million.
2012
2013
2014
2015
2016
2017
34 23 22 25 28 38 41.67% -32.35% -4.35% 13.64% 12.00% 35.71% $3,337,800 $2,968,050 $2,636,000 $3,137,200 $2,983,210 $4,390,875 48% -11% -11% 19% -5% 47% $98,171 $129,046 $119,818 $125,488 $106,543 $115,549 4% 31% -7% 5% -15% 8% 14 25 27 18 19 26 75.00% 78.57% 8.00% -33.33% 5.56% 36.84% $1,000,300 $2,902,000 $3,106,850 $1,732,900 $1,271,100 $2,256,650 32% 190% 7% -44% -27% 78% $71,450 $116,080 $115,069 $96,272 $66,900 $86,794 -25% 62% -1% -16% -31% 30% 4
4
% Chg # $ Sold
-33.33% $515,500
% Chg $ Avg $
5
5
4
0.00% $636,500
0.00% 25.00% $652,500 $1,195,000
0.00% $831,400
-20.00% $889,444
-58% $128,875
23% $159,125
3% $163,125
83% $239,000
-30% $166,280
7% $222,361
-37%
23%
3%
47%
-30%
34%
52
52
53
48
52
68
Total % Chg # Total $ Sold
36.84% $4,853,600
0.00% $6,506,550
1.92% $6,395,350
-9.43% $6,065,100
8.33% $5,085,710
30.77% $7,536,969
Total % Chg $ Total Avg $
14% $93,338
34% $125,126
-2% $120,667
-5% $126,356
-16% $97,802
48% $110,838
-17%
34%
-4%
5%
-23%
13%
% Chg Avg Total # Sold
Total % Chg Avg
4
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 6
LAND REPORT
Robust land sales keep momentum strong
1st & 2nd Qtr Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
Land sales for the first 6 months of 2016 dipped slightly from 2015, and our 2017 sales made up the difference. Dollar volume did lag over the previous year by 10%, and $5.3 million in land sale transactions. With 45 sales countywide, overall sales activity is higher than the previous 2 years, but considerably lower than our peak in 20022005. With inventory retracting, we can hope that building may begin and land sales increase.
2012
2013
2014
2015
2016
2017
10 150.00% $572,400 57% $57,240 -37%
11 10.00% $1,874,000 227% $170,364 198%
10 -9.09% $854,500 -54% $85,450 -50%
14 40.00% $973,000 14% $69,500 -19%
7 -50.00% $478,000 -51% $68,286 -2%
11 57.14% $1,801,200 277% $163,745 140%
9 350.00% $555,500 63% $61,722 -64%
8 -11.11% $687,000 24% $85,875 39%
8 0.00% $414,900 -40% $51,863 -40%
13 62.50% $778,400 88% $59,877 15%
10 -23.08% $443,050 -43% $44,305 -26%
11 10.00% $938,900 112% $85,355 93%
10
29
28
17
23
23
% Chg # $ Sold
-67.74% $1,602,000
190.00% $6,082,000
-3.45% $2,405,400
-39.29% $2,662,575
35.29% $4,973,900
0.00% $2,590,400
% Chg $ Avg $
-60% $160,200
280% $209,724
-60% $85,907
11% $156,622
87% $216,257
-48% $112,626
24%
31%
-59%
82%
38%
-48%
29
48
46
44
40
45
Total % Chg # Total $ Sold
-21.62% $2,729,900
65.52% $8,643,000
-4.17% $3,674,800
-4.35% $4,413,975
-9.09% $5,894,950
12.50% $5,330,500
Total % Chg $ Total Avg $
-42% $94,134
217% $180,063
-57% $79,887
20% $100,318
34% $147,374
-10% $118,456
-26%
91%
-56%
26%
47%
-20%
South # Sold
% Chg Avg Total # Sold
Total % Chg Avg
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 7
COMMERCIAL REPORT
.
Commercial sales show steady growth since 2013
Commercial sales, while small in number, showed improvement in the first two quarters of the year in 2017 over past years. and indicate a strengthening market overall. With 23 transactions valued at $6.6 million, the market was steady. Northern and Central Berkshire reported an increase in the average selling price, with double digit increases. Alternatively, Southern Berkshire recorded galling average sale prices. Please note: Not all Berkshire REALTOR assisted commercial sales are included in the MLS database. 1st & 2nd Qtr Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold
2012
2013
2014
2015
2016
2017
4 0.00% $872,843 30% $218,211 30%
4 0.00% $946,000 8% $236,500 8%
1 -75.00% $170,000 -82% $170,000 -28%
5 400.00% $972,500 472% $194,500 14%
9 80.00% $1,993,750 105% $221,528 14%
11 22.22% $2,879,900 44% $261,809 18%
4 100.00% $602,500 -60% $150,625 -80%
3 -25.00% $354,000 -41% $118,000 -22%
2 -33.33% $1,275,000 260% $637,500 440%
6 200.00% $1,207,900 -5% $201,317 -68%
3 -50.00% $608,000 -50% $202,667 1%
4 33.33% $1,378,000 127% $344,500 70%
8
7
6
6
8
8
% Chg # $ Sold
14.29% $2,902,400
-12.50% $5,142,000
-14.29% $2,721,688
0.00% $2,925,500
33.33% $4,117,500
0.00% $2,308,500
% Chg $ Avg $
-34% $362,800
77% $734,571
-47% $453,615
7% $487,583
41% $514,688
-44% $288,563
-42%
102%
-38%
7%
6%
-44%
16
14
9
17
20
23
Total % Chg # Total $ Sold
23.08% $4,377,743
-12.50% $6,442,000
-35.71% $4,166,688
88.89% $5,105,900
17.65% $6,719,250
15.00% $6,566,400
Total % Chg $ Total Avg $
-33% $273,609
47% $460,143
-35% $462,965
23% $300,347
32% $335,963
-2% $285,496
-46%
68%
1%
-35%
12%
-15%
% Chg Avg Total # Sold
Total % Chg Avg
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 8
2017 NORTH BERKSHIRE YTD SALES
196
Overall, year-to-date sales in the northern Berkshire region rose compared to the same time last year up 6% in the number of transactions and up 2% in the dollar volume of the transactions. Residential sales were the least robust, with decreases in both the dollar volume and number of transactions. Northern Berkshire showed the strongest growth in the multifamily and condo markets with solid land and commercial sales to carry the first two quarter of 2017. It should be noted that in Residential sales, Adams and Williamstown report gains, North Adams is almost identical from last year and the biggest factor was a huge surge of sales in Clarksburg last year (from an average of 3-5, up to 15). Largest Price Ranges
151 sales
$21 M
92%
sales +2%
List-to-Sell Ratio for co-brokes
Up +6%
Highest gains in Multifamily
$100 - $149 K
9
months’ supply
Residential Sales Volume $15.1M, down 12% Residential # Units Sold 101, down 1%
$128,500
median sale price
153 Homes for Sale
$219,000
median list price
3.9 %
Condo Sales Volume: $1.4M, up 20% Condo # Units Sold: 9, up 28% (7 last year)
↑ from 3.57% avg 30 yr Fixed MtgRate in ‘16
Land Sales Volume: $939K, up 111% Land # Units Sold: 11, up 10% (10)
49%
45
Commercial Sales Volume: $1.4M, up 126% Commercial # Units Sold: 4, up from 3
YTD # Sold $ Sold
Sales
Inventory
90% for in-house
Multi-family Sales Volume: $2.3M, up +77% Multi-family # Units Sold: 26, up 36%
$100 - $149 K
sales pending in July
lowest cooperation rates
2011
2012
2013
2014
2015
2016
2017
80 $14,771,350
119 $18,694,522
125 $19,030,547
118 $19,517,024
132 $21,448,399
142 $20,755,597
151 $21,088,715
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 9
1ST & 2ND QUARTER NORTH COUNTY REAL ESTATE SALES OVERVIEW
1st & 2nd Qtr Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
86 30.30% $15,604,722 31% $181,450 1%
84 -2.33% $14,171,547 -9% $168,709 -7%
79 -5.95% $14,306,274 1% $181,092 7%
89 12.66% $16,532,799 16% $185,762 3%
103 15.73% $17,300,547 5% $167,966 -10%
101 -1.94% $15,154,265 -12% $150,042 -11%
14 75.00% $1,000,300 32% $71,450 -25%
25 78.57% $2,902,000 190% $116,080 62%
27 8.00% $3,106,850 7% $115,069 -1%
18 -33.33% $1,732,900 -44% $96,272 -16%
19 5.56% $1,271,100 -27% $66,900 -31%
26 36.84% $2,256,650 78% $86,794 30%
9 350.00% $555,500 63% $61,722 -64%
8 -11.11% $687,000 24% $85,875 39%
8 0.00% $414,900 -40% $51,863 -40%
13 62.50% $778,400 88% $59,877 15%
10 -23.08% $443,050 -43% $44,305 -26%
11 10.00% $938,900 112% $85,355 93%
6 200.00% $931,500 253% $155,250 18%
5 -16.67% $916,000 -2% $183,200 18%
2 -60.00% $414,000 -55% $207,000 13%
6 200.00% $1,196,400 189% $199,400 -4%
7 16.67% $1,132,900 -5% $161,843 -19%
9 28.57% $1,360,900 20% $151,211 -7%
4 100.00% $602,500 -60% $150,625 -80%
3 -25.00% $354,000 -41% $118,000 -22%
2 -33.33% $1,275,000 260% $637,500 440%
6 200.00% $1,207,900 -5% $201,317 -68%
3 -50.00% $608,000 -50% $202,667 1%
4 33.33% $1,378,000 127% $344,500 70%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 10
NORTH COUNTY RESIDENTIAL SALES: BY TOWN (towns with under 2 sales not shown in breakout)
1st & 2nd Qtr Adams # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Clarksburg # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North Adams # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Williamstown # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2013
2014
2015
2016
2017
24 9.09% $3,255,400 -11% $135,642 -18%
24 0.00% $2,838,830 -13% $118,285 -13%
28 16.67% $3,376,849 19% $120,602 2%
24 -14.29% $3,395,000 1% $141,458 17%
25 4.17% $3,698,204 9% $147,928 5%
31 24.00% $4,583,050 24% $147,840 0%
5 150.00% $513,500 13% $102,700 -55%
4 -20.00% $496,000 -3% $124,000 21%
5 25.00% $592,400 19% $118,480 -4%
3 -40.00% $421,500 -29% $140,500 19%
15 400.00% $1,996,900 374% $133,127 -5%
5 -66.67% $671,000 -66% $134,200 1%
30 15.38% $3,458,412 9% $115,280 -6%
30 0.00% $3,660,400 6% $122,013 6%
30 0.00% $3,883,200 6% $129,440 6%
31 3.33% $3,407,700 -12% $109,926 -15%
42 35.48% $4,716,001 38% $112,286 2%
42 0.00% $4,295,400 -9% $102,271 -9%
23 53.33% $7,769,410 76% $337,800 15% 86 30.30% $15,604,722 31% $181,450 1%
22 -4.35% $6,616,417 -15% $300,746 -11% 84 -2.33% $14,171,547 -9% $168,709 -7%
15 -31.82% $6,253,825 -5% $416,922 39% 79 -5.95% $14,306,274 1% $181,092 7%
23 53.33% $8,159,600 30% $354,765 -15% 89 12.66% $16,532,799 16% $185,762 3%
18 -21.74% $6,198,442 -24% $344,358 -3% 103 15.73% $17,300,547 5% $167,966 -10%
20 11.11% $5,197,815 -16% $259,891 -25% 101 -1.94% $15,154,265 -12% $150,042 -11%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 11
2017 CENTRAL BERKSHIRE YTD SALES
Overall, central sales volume rose 7% compared to the sales rate in the first quarter of 2016. The number of sales rose 9%. While the residential market showed moderate activity, with 1% more homes sold this year than last, the dollar volume was down slightly, creating a downward pressure on the average sale price. The rest of the market showed dramatic gains, with double digit increases in multifamily, condo, land and commercial sales in the central regions so far this year. Pittsfield residential sales were strong and the falling sales in Dalton and Hinsdale were offset by the gains experienced in Hancock and Lanesboro.
334 sales ↑9%
Residential Sales Volume $48M, down 3% Residential # Units Sold 251, up 1.2% Multi-family Sales Volume: $4.4M, up +47% Multi-family # Units Sold: 38, up 35%, from 28 Condo Sales Volume: $4.76M, up 67% Condo # Units Sold: 23, up 64% from 14 Land Sales Volume: $1.8M, up 277% Land # Units Sold: 11, up 57% from 7
$100 - $149K Inventory
89% for in-house
Highest since 2007
Sales
sales ↑7%
List-to-Sell Ratio for co-brokes
Largest Price Ranges
$150 - $199 K
$62 M
89%
173
7
months’ supply
$167,000
median sale price
284 Homes for Sale
$253,000
median list price
3.9 % ↑ from 3.57% avg 30 yr Fixed MtgRate in ‘16
69%
122
Commercial Sales Volume: $2.88M, up 44% Commercial # Units Sold: 11, +22% up from 9
co-broke
sales pending in July
31% in-house 1st Quarter # Sold $ Sold
2012
2013
2014
2015
2016
2017
253 $41,944,868
267 $48,299,314
252 $48,066,100
297 $50,966,787
306 $57,842,984
334 $61,930,225
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 12
1ST & 2ND QUARTER CENTRAL COUNTY REAL ESTATE SALES OVERVIEW
1st & 2nd Qtr Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
194 17.58% $35,281,975 4% $181,866 -12%
214 10.31% $38,137,864 8% $178,214 -2%
207 -3.27% $41,620,500 9% $201,065 13%
234 13.04% $42,279,687 2% $180,682 -10%
248 5.98% $49,541,124 17% $199,763 11%
251 1.21% $48,102,402 -3% $191,643 -4%
34 41.67% $3,337,800 48% $98,171 4%
23 -32.35% $2,968,050 -11% $129,046 31%
22 -4.35% $2,636,000 -11% $119,818 -7%
25 13.64% $3,137,200 19% $125,488 5%
28 12.00% $2,983,210 -5% $106,543 -15%
38 35.71% $4,390,875 47% $115,549 8%
10 150.00% $572,400 57% $57,240 -37%
11 10.00% $1,874,000 227% $170,364 198%
10 -9.09% $854,500 -54% $85,450 -50%
14 40.00% $973,000 14% $69,500 -19%
7 -50.00% $478,000 -51% $68,286 -2%
11 57.14% $1,801,200 277% $163,745 140%
11 120.00% $1,879,850 67% $170,895 -24%
15 36.36% $4,373,400 133% $291,560 71%
12 -20.00% $2,785,100 -36% $232,092 -20%
19 58.33% $3,604,400 29% $189,705 -18%
14 -26.32% $2,846,900 -21% $203,350 7%
23 64.29% $4,755,848 67% $206,776 2%
4 0.00% $872,843 30% $218,211 30%
4 0.00% $946,000 8% $236,500 8%
1 -75.00% $170,000 -82% $170,000 -28%
5 400.00% $972,500 472% $194,500 14%
9 80.00% $1,993,750 105% $221,528 14%
11 22.22% $2,879,900 44% $261,809 18%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 13
CENTRAL COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st & 2nd Qtr Cheshire # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Dalton # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Hancock # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Hinsdale # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lanesboro # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
3 -25.00% $513,750 -41% $171,250 -22%
11 266.67% $1,419,400 176% $129,036 -25%
6 -45.45% $1,155,500 -19% $192,583 49%
11 83.33% $1,251,400 8% $113,764 -41%
10 -9.09% $1,426,900 14% $142,690 25%
11 10.00% $2,383,400 67% $216,673 52%
33 13.79% $7,228,000 31% $219,030 15%
21 -36.36% $3,844,850 -47% $183,088 -16%
32 52.38% $6,694,105 74% $209,191 14%
30 -6.25% $4,744,592 -29% $158,153 -24%
36 20.00% $7,008,700 48% $194,686 23%
29 -19.44% $5,864,000 -16% $202,207 4%
2 0.00% $294,000 -32% $147,000 -32%
2 0.00% $1,290,000 339% $645,000 339%
2 0.00% $815,000 -37% $407,500 -37%
2 0.00% $454,000 -44% $227,000 -44%
2 0.00% $534,000 18% $267,000 18%
9 350.00% $2,212,100 314% $245,789 -8%
3 -50.00% $556,900 -62% $185,633 -23%
9 200.00% $2,219,400 299% $246,600 33%
8 -11.11% $1,517,000 -32% $189,625 -23%
6 -25.00% $1,121,300 -26% $186,883 -1%
11 83.33% $2,278,800 103% $207,164 11%
9 -18.18% $1,981,533 -13% $220,170 6%
12 9.09% $1,940,400 -5% $161,700 -13%
14 16.67% $2,511,600 29% $179,400 11%
17 21.43% $3,429,400 37% $201,729 12%
16 -5.88% $3,681,700 7% $230,106 14%
14 -12.50% $2,399,800 -35% $171,414 -26%
16 14.29% $3,449,800 44% $215,613 26%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 14
1st & 2nd Qtr Pittsfield # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Richmond # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Windsor # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2013
2014
2015
2016
2017
142 24.56% $22,667,875 1% $159,633 -19%
162 14.08% $26,959,614 19% $166,417 4%
149 -8.02% $25,598,295 -5% $171,801 3%
181 21.48% $29,992,095 17% $165,702 -4%
172 -4.97% $31,657,474 6% $184,055 11%
189 9.88% $33,128,417 5% $175,283 -5%
6 100.00% $2,818,000 153% $469,667 26%
8 33.33% $3,495,000 24% $436,875 -7%
7 -12.50% $4,025,200 15% $575,029 32%
9 28.57% $3,456,000 -14% $384,000 -33%
12 33.33% $4,728,900 37% $394,075 3%
10 -16.67% $3,216,000 -32% $321,600 -18%
2 -50.00% $419,900 -48% $209,950 3% 208 18.18% $37,253,325 6% $179,103 -11%
1 -50.00% $242,900 -42% $242,900 16% 232 11.54% $42,589,264 14% $183,574 2%
3 200.00% $724,500 198% $241,500 -1% 228 -1.72% $44,694,500 5% $196,029 7%
1 -66.67% $290,000 -60% $290,000 20% 261 14.47% $46,136,587 3% $176,769 -10%
6 500.00% $1,322,900 356% $220,483 -24% 268 2.68% $52,525,924 14% $195,992 11%
2 -66.67% $514,000 -61% $257,000 17% 276 2.99% $52,906,250 1% $191,689 -2%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 15
2017 SOUTH BERKSHIRE YTD SALES
While south county boasts the highest (14 months) of absorption, the inventory doesn’t currently exist where sales are most robust. Since the first quarter, south county inventory is starting to trend lower, in the $500K range as opposed to the $1M+ range in the first quarter. The market is scattered, with solid residential sales, booming condo sales, moderate multi-family sales and a lagging commercial and land market overall. While Great Barrington and Stockbridge have slower markets so far this year, Sheffield, West Stockbridge, Lee and Lenox are robust with double digit gains.
287 sales ↑ 10%
Gains in all but multi-family
81% for in-house
Sales
$500K -749K
sales ↑2%
List-to-Sell Ratio for co-brokes
Inventory
15
months’ supply
Residential Sales Volume $83.3M, up +6% Residential # Units Sold 225, up +10%
$298,000
median sale price
553 Homes for Sale
Multi-family Sales Volume: $889K, up +7% Multi-family # Units Sold: 4, down 1 in ‘16
Largest Price Ranges
$250-299 K
$95.9M
88%
319
$459,900
median list price
3.9 %
Condo Sales Volume: $6.8M up 26% Condo # Units Sold: 22, up 38%, from 16
↑ from 3.57% avg 30 yr Fixed MtgRate in ‘16
Land Sales Volume: $2.59M, down 48% Land # Units Sold: 23, Same as last year
80
Commercial Sales Volume: $2.3M, down 44% Commercial # Units Sold: 8, Same as last year
sales pending in July
70%
co-broke ‘ 30% in-house
Highest Coop in Berks!
All Sales YTD
2012
2013
2014
2015
2016
2017
# Sold
181
221
231
209
256
282
$ Sold
$59,661,175
$79,410,700
$88,663,038
$78,872,444
$94,135,942
$95,897,087
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 16
1ST & 2ND QUARTER SOUTH COUNTY REAL ESTATE SALES OVERVIEW
1st & 2nd Qtr Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
143 7.52% $49,954,650 -7% $349,333 -13%
168 17.48% $63,737,800 28% $379,392 9%
174 3.57% $77,439,250 21% $445,053 17%
160 -8.05% $66,462,719 -14% $415,392 -7%
204 27.50% $78,840,642 19% $386,474 -7%
225 10.29% $83,358,268 6% $370,481 -4%
4 -33.33% $515,500 -58% $128,875 -37%
4 0.00% $636,500 23% $159,125 23%
4 0.00% $652,500 3% $163,125 3%
5 25.00% $1,195,000 83% $239,000 47%
5 0.00% $831,400 -30% $166,280 -30%
4 -20.00% $889,444 7% $222,361 34%
10 -67.74% $1,602,000 -60% $160,200 24%
29 190.00% $6,082,000 280% $209,724 31%
28 -3.45% $2,405,400 -60% $85,907 -59%
17 -39.29% $2,662,575 11% $156,622 82%
23 35.29% $4,973,900 87% $216,257 38%
23 0.00% $2,590,400 -48% $112,626 -48%
16 23.08% $4,686,625 -1% $292,914 -20%
13 -18.75% $3,812,400 -19% $293,262 0%
19 46.15% $5,444,200 43% $286,537 -2%
21 10.53% $5,626,650 3% $267,936 -6%
16 -23.81% $5,372,500 -5% $335,781 25%
22 37.50% $6,750,475 26% $306,840 -9%
8 14.29% $2,902,400 -34% $362,800 -42%
7 -12.50% $5,142,000 77% $734,571 102%
6 -14.29% $2,721,688 -47% $453,615 -38%
6 0.00% $2,925,500 7% $487,583 7%
8 33.33% $4,117,500 41% $514,688 6%
8 0.00% $2,308,500 -44% $288,563 -44%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 17
SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st & 2nd Qtr Alford # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Becket # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Egremont # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Great Barrington # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lee # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
1 0.00% $350,000 -17% $350,000 -17%
5 400.00% $4,322,500 1135% $864,500 147%
5 0.00% $6,330,800 46% $1,266,160 46%
5 0.00% $7,657,500 21% $1,531,500 21%
4 -20.00% $2,972,000 -61% $743,000 -51%
2 -50.00% $1,130,000 -62% $565,000 -24%
15 15.38% $2,001,950 -11% $133,463 -23%
16 6.67% $2,419,950 21% $151,247 13%
17 6.25% $4,230,800 75% $248,871 65%
16 -5.88% $3,464,100 -18% $216,506 -13%
25 56.25% $6,407,509 85% $256,300 18%
25 0.00% $6,030,400 -6% $241,216 -6%
7 -22.22% $1,967,500 -47% $281,071 -32%
9 28.57% $3,002,750 53% $333,639 19%
13 44.44% $7,633,000 154% $587,154 76%
11 -15.38% $6,087,000 -20% $553,364 -6%
15 36.36% $6,230,404 2% $415,360 -25%
13 -13.33% $6,230,000 0% $479,231 15%
30 -14.29% $11,729,100 -17% $390,970 -4%
37 23.33% $12,837,400 9% $346,957 -11%
30 -18.92% $9,885,700 -23% $329,523 -5%
31 3.33% $12,928,550 31% $417,050 27%
40 29.03% $14,726,425 14% $368,161 -12%
34 -15.00% $13,903,100 -6% $408,915 11%
18 50.00% $3,810,650 48% $211,703 -1%
21 16.67% $6,639,400 74% $316,162 49%
25 19.05% $6,400,900 -4% $256,036 -19%
20 -20.00% $3,846,494 -40% $192,325 -25%
23 15.00% $5,215,300 36% $226,752 18%
25 8.70% $6,765,700 30% $270,628 19%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 18
SOUTH COUNTY RESIDENTIAL SALES: TOWN
1st & 2nd Qtr Lenox # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Monterey # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg New Marlborough # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Otis # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Sandisfield # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
22 -4.35% $7,191,000 -21% $326,864 -17%
20 -9.09% $5,101,400 -29% $255,070 -22%
27 35.00% $10,566,500 107% $391,352 53%
33 22.22% $10,225,825 -3% $309,873 -21%
28 -15.15% $10,220,750 0% $365,027 18%
42 50.00% $16,341,475 60% $389,083 7%
3 -25.00% $1,120,000 -54% $373,333 -39%
7 133.33% $4,306,500 285% $615,214 65%
8 14.29% $4,607,500 7% $575,938 -6%
5 -37.50% $2,564,500 -44% $512,900 -11%
10 100.00% $5,544,500 116% $554,450 8%
9 -10.00% $4,288,618 -23% $476,513 -14%
10 25.00% $5,101,500 -24% $510,150 -40%
11 10.00% $8,469,500 66% $769,955 51%
7 -36.36% $4,264,150 -50% $609,164 -21%
12 71.43% $3,908,500 -8% $325,708 -47%
12 0.00% $3,589,400 -8% $299,117 -8%
10 -16.67% $2,987,650 -17% $298,765 0%
16 100.00% $7,500,900 344% $468,806 122%
7 -56.25% $2,176,500 -71% $310,929 -34%
14 100.00% $4,097,600 88% $292,686 -6%
9 -35.71% $2,643,200 -35% $293,689 0%
9 0.00% $2,998,000 13% $333,111 13%
17 88.89% $3,836,400 28% $225,671 -32%
4 0.00% $652,400 -53% $163,100 -53%
5 25.00% $860,000 32% $172,000 5%
5 0.00% $4,307,000 401% $861,400 401%
7 40.00% $2,253,200 -48% $321,886 -63%
9 28.57% $3,730,500 66% $414,500 29%
7 -22.22% $1,804,000 -52% $257,714 -38%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 19
SOUTH COUNTY RESIDENTIAL SALES: TOWN
1st & 2nd Qtr Sheffield # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Stockbridge # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg West Stockbridge # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2013
2014
2015
2016
2017
8 -27.27% $2,188,000 -52% $273,500 -34%
11 37.50% $3,283,500 50% $298,500 9%
17 54.55% $6,013,000 83% $353,706 18%
11 -35.29% $5,020,000 -17% $456,364 29%
17 54.55% $5,457,654 9% $321,038 -30%
32 88.24% $11,580,500 112% $361,891 13%
20 100.00% $7,931,425 78% $396,571 -11%
27 35.00% $11,680,200 47% $432,600 9%
20 -25.93% $11,397,000 -2% $569,850 32%
19 -5.00% $9,029,500 -21% $475,237 -17%
20 5.26% $13,224,200 46% $661,210 39%
15 -25.00% $6,127,400 -54% $408,493 -38%
6 -25.00% $2,265,500 -35% $377,583 -13% 163 10.14% $54,784,925 -6% $336,104 -15%
7 16.67% $2,165,500 -4% $309,357 -18% 184 12.88% $67,690,100 24% $367,881 9%
6 -14.29% $3,169,500 46% $528,250 71% 194 5.43% $82,903,450 22% $427,337 16%
5 -16.67% $2,052,000 -35% $410,400 -22% 186 -4.12% $72,343,369 -13% $388,943 -9%
6 20.00% $2,313,000 13% $385,500 -6% 223 19.89% $84,337,142 17% $378,193 -3%
13 116.67% $6,569,500 184% $505,346 31% 247 10.76% $90,108,743 7% $364,813 -4%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 20
2017 MARKET INDICATORS Federal Reserve Rate Hike
The Federal Reserve raised short-term interest rates by a quarter point at the end of the second quarter. In a sign of confidence, the Fed also upgraded its forecast for U.S. economic growth and unemployment this year. The Fed also indicated they will start gradually selling off the assets bought during and after the financial crisis to boost the economy.
Interest rates for mortgages are not expected to rise immediately, but a consensus of economists agree that the rates are likely to rise to approximately 4.5% by year end and potentially 5% by the end of 2018. No one was surprised by this move, and economists predict that there will be one or two more increases before the year is out. Sean Becketti, chief economist for Freddie Mac notes that 30-year fixed mortgage rates are still close to a seven-month low, “which is very good news for those potential homebuyers in the market and even those who may be looking to refinance.” The average 30-year fixed-rate mortgage is now about 4.04 percent — up slightly from the record low of 3.50 percent in December 2012.
Innovative Solutions for Homeownership More homebuyers? In a stroke of good news, Fannie Mae announced new policies that will help more borrowers with student debt qualify for a home loan. The new solutions give homeowners the opportunity to pay down student debt with a mortgage refinance, allow borrowers to exclude nonmortgage debt paid by others as part of the loan application process, and make it more likely for borrowers with student debt to qualify for a mortgage loan by allowing lenders to accept student debt payments included on credit reports. “We understand the significant role that a monthly student loan payment plays in a potential home buyer’s consideration to take on a mortgage, and we want to be a part of the solution,” said Jonathan Lawless, Vice President of Customer Solutions, Fannie Mae. “These new policies provide three flexible payment solutions to future and current homeowners and, in turn, allow lenders to serve more borrowers.” Report generated by Sandra J. Carroll, Chief Executive Officer, Berkshire County Board of REALTORS, Inc. 99 West Street, Pittsfield, MA 01201 | (413) 442-8049 Fax (413) 448-2852. Data derived from the Berkshire County Multiple Listing Service, Inc. Believed to be accurate but not warranted. Mortgage Rates Taken from FreddieMac historical Rates by Month. Economic data from the National Association of REALTORS.
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 2nd Quarter | Page 21
